Explain the difference between external transactions and internal transactions. If a company purchases supplies from a local

Question:

Explain the difference between external transactions and internal transactions. If a company purchases supplies from a local vendor, would this be classified as an external or internal transaction?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 978-0078025549

3rd edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

See More Books

Question Posted: Jul 13, 2016 03:41 AM

See More Questions

Suzanne knows that an increase to an expense reduces retained earnings (a stockholders' equity account). However, she also knows that expense accounts have a debit balance, while retained earnings...
What is a general ledger? How does it relate to the chart of accounts?
Below are T-accounts. The first row in each is the beginning balance, and the numbers in parentheses are transaction numbers. Required: Provide an explanation for each transaction. Cash Accounts...
A man drops a stone from a high bridge and hears it strike the water below exactly 4 s later. (a) Estimate the distance to the water based on the assumption that the travel time for the sound to...
What are the steps to collecting electronic evidence?
The inductance of a solenoid with 450 turns and a length of 24 cm is 7.3 mH. (a) What is the cross-sectional area of the solenoid? (b) What is the induced emf in the solenoid if its current drops...
Figure 28. 10 shows a current loop in an external magnetic field and the forces exerted on the different lengths of the wire. Assume that the loop is attached to a pivot that allows it to spin (as...
Hamlet House makes portable garden sheds that sell for $ 1,800 each. Costs are as follows: a. How many garden sheds must the company sell to break even? b. If Hamlet Houses management wants to earn a...
6. The number of (staircase) paths in the xy-plane from (0, 0) to (7, 5) where each such path is made up of individual steps going one unit upward (U) or one unit to the right (R). (a) 12C5 (b) 12!...
A manufacturer has acquired four small assembly plants, located in Charlotte, Tulsa, Memphis, and Buffalo. The plan is to remodel and keep two of the plants and close the other two. The table at the...
The four underlying assumptions of generally accepted accounting principles are economic entity, monetary unit, periodicity, and going concern. Consider the following four independent situations. 1....
What is a journal? What is a journal entry?
You have 24,000 to invest in a portfolio containing X, Y and a risk free asset. You must invest all of your money. Your goal is to create a portfolio that has an expected return of 8.5 per cent and...
Your project sponsor has set a limit on the amount of money you can spend. You know your budget will exceed that limit. Using the information covered in the required readings, describe the importance...
Explore how the role of a people professional (specialist or generalist) is evolving and the implications this has for your CPD . Identify and explain how the role of a people professional is...
I have a question in regards to the fair value adjustment in this problem. On 1/1/19 Thomas purchased $300,000 in 8% 5 year bonds when the effective interest rate was 10%. The bonds pay interest on...
Is cash in bank same as My bank business account on the chart of accounts?
When applying for Medicaid all of the following constitute a "countable asset" EXCEPT: Spouse's section 401(k) plan Equity in home owned jointly with spouse Worker's own section 401(k) plan Jointly...
For each of the following closed-loop systems, find the steady-state error for unit step and unit ramp inputs. Use both the final value theorem and input substitution methods. a. b. c. -5 -4 -21 X =...
Find the equations of the ellipses satisfying the given conditions. The center of each is at the origin. Passes through (2, 2) and (1, 4)
A review of the ledger of Terrell Company at December 31, 2012, produces these data pertaining to the preparation of annual adjusting entries.1. Prepaid Insurance $15,200. The company has separate...
Open Road Travel Court was organized on July 1, 2011, by Tiffany Lampkins. Tiffany is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Tiffany prepared...
On November 1, 2012, the following were the account balances of Tate Equipment Repair. During November, the following summary transactions were completed.Nov. 8 Paid $1,220 for salaries due...
What are the implications of mass incarceration and the criminalization of poverty for social cohesion, economic inequality, and intergenerational cycles of disadvantage?
Consider the following. Tis the reflection through the origin in R2: T(x, y) = (-x, y), v = (3, 4). (a) Find the standard matrix A for the linear transformation T. A= (b) Use A to find the image of...
Write a function to compare two strings for equality. If they are equal, zero is returned, otherwise the difference in value between the first two non-matching characters.

Explain the difference between external transactions and internal transactions. If a company purchases supplies from a local

Question:

Step by Step Answer:

Financial Accounting

Students also viewed these Accounting questions